Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Finnish electronics company Elcoteq has notified the local labour office and unions of its plan to dismiss 680 workers, mainly full time employees at its plant in Pécs (Hungary). The company's communication manager said the reason for the dismissals is the loss of one of their customers.
Set up in Hungary in 1998, Elcoteq has currently about 2,700 employees at the plant; before the crisis it employed 7,000 people. It used to operate three plants but now it has just the one in Pécs.
Elcoteq invested HUF 13.5 billion in Hungary between 2003 and 2008. The company is a leading electronics manufacturing services (EMS) company in the communications technology field, producing mobile phones and their parts, set top boxes, electronics for flat screen TVs and tower-top amplifiers among other related products.
Eurofound (2011), Elcoteq, Internal restructuring in Hungary, factsheet number 72181, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/72181.